Imports

[tfot]

How many of you have importing as part of your business ? If so have you any tips or things you'd like to share for a newbie ?
I am looking mainly at importing dried food produce but any importing wisdom would be appreciated.

Tfot.

[Fulcrum]

Exchange rates can be a real drain on your cash flow.

[Harold Mansfield]

What country are you in? Regulations are different across the world.

[krymson]

What country are you in? Regulations are different across the world.

I believe from his welcome post he's from New Zealand. I have no idea about import and export business... Unless it's importing and exporting data ZING!!!!! :D ... Sorry web joke

[Harold Mansfield]

Yep, don't know any thing about New Zealand laws. How much information have you found online?

[tfot]

Yea, im in NZ. Found quite a bit about all the rules, regulations and laws but not much else, I understand it and all but I was really looking for any tips people might have on stuff like how you manage the finance side of imports, do you ever send someone to that country for any reason, good and bad countries to import food produce from etc.

Exchange rates can be a real drain on your cash flow.
Any tips on handling this ? Would setting up an some an account in the country you import from holding sums of cash that had been cheaply exchanged help any ?

[Fulcrum]

Any tips on handling this ? Would setting up an some an account in the country you import from holding sums of cash that had been cheaply exchanged help any ?

Grin and bear it, and when the time comes when you are forced to raise your prices, hopefully your customers understand. The account is an idea, but you either need to keep large sums in it or sell in the market that you import from.

Keep an eye on what your bank charges to do the exchange as well. Up here in Canada, the big 5 banks decided in mid January that they needed to add an additional $0.06-0.07 per dollar exchanged - regardless of the method of payment.